Brent crude prices rose by more than $3 per barrel following a series of attacks on energy infrastructure in the Persian Gulf. Prior to these events, oil prices were already nearing or exceeding the $100 per barrel threshold.
On September 11-12, drones targeted the Saudi East-West pipeline, forcing a suspension of operations. The pipeline had a full capacity of approximately 7 million barrels per day, with actual daily throughput ranging between 4 and 5 million barrels.
On September 13, a projectile hit a commercial vessel in the Strait of Hormuz, causing fires and an evacuation. Additionally, Houthi strikes impacted Saudi energy sites around September 8.
Saudi oil exports had already reached a multi-year low of 3.2 million barrels per day in August. Financial institutions are now revising their price forecasts upward due to the ongoing geopolitical risks in the region.
